GDP vs. Economic Growth
Great Peter Schiff quote on why Gross Domestic Product is not the same as economic growth. I sometimes try to explain this in my own words, but Schiff does a better job:
We don’t have economic growth. GDP is going up, but that’s not a sign of any economic growth. All we’re measuring is what we’re consuming. But we are paying for it by going into debt. As a nation, we’re in worse shape because of the GDP growth. The real economy is shrinking. All we’re doing is borrowing money from economies that are growing, like China, and we’re spending their money. But that’s going to stop.
You can read more from Schiff at Europac.net